Delhi, India-based electronic mobility startup Prakriti E-mobility secured investment from Europe’s IEG Investment Banking Group. The investment is a part of Prakriti E-mobility’s USD 5 million pre-Series A round, which took place on April 18, 2022.

Purpose of Funding for Prakriti E-Mobility 

The fresh proceeds from the recent investment will help the startup implement technological advancements in its offerings. Prakriti E-mobility also seeks to expand its fleet of electric vehicles(EV). Meanwhile, it will empanel EV charging stations into its mobile application across India.

Currently, Prakriti E-mobility operates in Delhi-NCR. However, it aims to venture into the B2C segment via its mobile application “Evera.” 

What the founder has to say

Nimish Trivedi, Co-founder and CEO of Prakriti E-mobility, said, “In a short span of 2.5-years, Prakriti E-mobility has clocked eight million green KMs across Delhi NCR with highest per employee revenue earned in this segment in India. The recent funding will be utilized to make holistic upgrades to the Evera application and launch across the B2B and intercity travel segments.”

“We are grateful to IEG Investments for believing in us and our vision and mission. The EV industry in India is picking pace with 100 per cent FDI possible, new manufacturing hubs, and an increased push to improve charging infrastructure. We are enthusiastic about further driving our expansion by adding more EVs in Delhi NCR and then moving to tier-II cities. The company will also be empanelling public charging stations on the EVERA app Pan-India so that even if we are not operating the cabs there, the consumer can still download and take advantage of locating a charging station,” he further added.

What the investor has to say

Mr Mihir Kapoor, the Managing Partner at IEG India, said, “Prakriti E-mobility has a robust business model led by strong governance and an execution team which is experienced in building EV charging stations across India. With a firm EV policy put forth by the Center in place, we feel this sector is ripe for exponential growth over the next few years.”

About Prakriti E-mobility 

 Nimish Trivedi, Rajeev Tiwari and Vikas Bansal founded Prakriti E-mobility in 2019. The company is an asset-light EV cab service provider for customers across B2C and B2B segments. Prakriti E-mobility aims to provide its customers with eco-friendly yet most efficient, comfortable, and sustainable mobility offerings. The company’s entire research and development (R&D) process focuses on creating solutions that can stimulate urbanization without harming the environment.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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